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Vulnerable and lower likely. Keep an eye on RBOB.

Published Tuesday, November 10th, 2015

Introduction. The technical picture is a bit confusing. RBOB looks ok whilst the rest appear vulnerable and fragile. RBOB has, on occasion in the past, held the rest and whilst it remains over its 5 and 13 day MAs, it is best to keep one’s bearishness a bit limited. It is not on the same technical page as the rest and this lack of harmony is not helping clarity. Nevertheless WTI hit its target lower to 43.88 yesterday and the rest closed poorly. Brent, Heat and Gasoil now have targets below the market to 46.41; 142.97; and 437.00. The key technical indicators are negative, on all but RBOB, and the odds are on lower numbers. Rallies to the short term resistances on all but RBOB are sales. WTI hit its target lower to 43.88 yesterday and only closed one cent below. It needs another move confirmed by a close (m/c) below 43.88 to green light the next leg down to 42.78. In the meantime resistance is building above and the 5 day MA is around 44.76, a sale, followed by the 13 day around 45.32 and the 8 day around 45.55. Rallies to the s/t MAs are sales.

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Posted by Robin Bieber